I bought in a non bubble market in 2003. I thought I got a great deal. I see houses comming up for 2-3 times what I paid for similar size right in my neighborhood. Charlotte NC is where I live and the situation here is similar to what he described, only bigger. Big University – UNCC, 2 big banks, and there are houses on my street that are listed at 8-10% more than their purchase price, and they are not selling.
There is down side, especially is there is new construction which he has indicated there is. The problem with the steady employment situation is, there isn’t likely to be an upsurge which will cause things to sell and create a move up market. What they paid is irrelevant, what they owe is irrelevant, the fact that they are moving to a new house is indicative of the fact that there is supply, when demand is static. I can show you plenty of houses in charlotte where from 96 to 2002 the owners lost $$ and lost a good bit. 02 to now, I am assuming is flat, and in cases of some builders they are blowing a nice huge bubble. When it pops I presume it will blow up the whole city for a few years.
Cool.
Cow_tipping.
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